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Samsung confirms leading role in Việt Nam’s support industry

Update: February, 27/2019 - 08:00
Deputy Prime Minister Trịnh Đình Dũng receives new general director of Samsung Việt Nam, Choi Joo-ho. — Photo chinhphu.vn
Viet Nam News

HÀ NỘI — Deputy Prime Minister Trịnh Đình Dũng has asked South Korean firms, including electronics giant Samsung, to continue playing a leading role in pushing Vietnamese support enterprises for joint development. Dũng made the statement at a reception for the new general director of Samsung Việt Nam, Choi Joo-ho, in Hà Nội on Tuesday.

He highly appreciated investors from South Korea, including Samsung, for their efforts towards maintaining South Korea’s position as the largest foreign investor in Việt Nam for many years. 

He also praised the contributions made by Samsung Việt Nam to promote the development of the country’s support industry.

In order to develop the support industry, the role of leading companies was very important as they were both customers and facilitators for enterprises to join the value chain, thus increasing the localisation rate of products manufactured in Việt Nam.

The Deputy PM also suggested Samsung prioritise investment in research and development and strategic training; improve workers’ lives and participate more in humanitarian and charitable activities.

Choi said Samsung would take the initiative in its role as one of the main “locomotives” of Việt Nam’s support industry development. According to Choi, Samsung Việt Nam’s export turnover hit over US$60 billion in 2018, 12 per cent higher than in 2017. The company had also developed policies for auxilary industries, including directly supporting Vietnamese firms and training consultants in the sphere. Last year, 35 Vietnamese companies became first-level suppliers for Samsung. About 627 Vietnamese businesses have joined the supply chain, accounting for about 30 per cent of Samsung’s total suppliers.

Currently, South Korea has more than 7,300 valid investment projects in Việt Nam with total registered capital of US$62.1 billion. Samsung is the largest foreign investor in the country with six projects worth over $17.3 billion. Samsung’s projects have created jobs for nearly 160,000 employees. — VNS

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